Yogurt market in North America to surpass US$11.7 bn by 2019
Yogurt is considered as an important ingredient of modern day diet in North America. It has been consumed over years, however it is now gaining popularity as a healthy diet option. Growing health awareness and obesity concerns among the consumers in North America are crucial factors to raise the demand for yogurt. The pro-biotic nature of yogurt helps in regulating the digestive system and prevents osteoporosis. However, the pre-conceived misconceptions about the dairy products and higher fixed costs to set up a new production plant are some of the major challenges in the yogurt market Mexico is an emerging market in North America and is expected to present huge potential for yogurt consumption.
The growth in demand in Mexico is attributed to improving diet, growing population and increasing disposable income. Yogurt is gaining popularity among the youngsters due its usage as a snack and dessert. The increase in competition among the key players would create opportunities for innovations in yogurt products. Moreover preference for yogurt as a healthy diet option is expected to increase its consumption in the coming six years.
Frozen yogurt as a dessert and usage of set yogurt in various household recipes attribute to the market growth. Distribution channels such as Supermarkets/ Hypermarkets and departmental stores are increasing in number making it available in the nearest store. The “Greek yogurt is one of the most consumed and most preferred types of set yogurt due to its unique taste.”
The yogurt market in North America was worth USD 7.3 billion in 2012 and is expected to reach USD 11.7 billion by 2019; growing at a CAGR of 8.2% from 2013 to 2019.The robust growth in yogurt market is attributed to growing popularity of Greek yogurt in North America. The frozen yogurt is gaining popularity in Canada as a dessert. .Mexico is expected to be the most attractive market for the period of 2013- 2019 for both the set yogurt and frozen yogurt and it is expected to increase at a substantial single digit growth rate from 2013 to 2019.
Besides healthfulness, taste factor has supported the growth of yogurt market in North America. . Currently, yogurt is gaining popularity among all age groups such as kids, youngsters and old age people.
Geographically, the U.S. held the largest share for yogurt in North America. In the U.S., the demand for yogurt is mainly driven by growing health concerns and need for food with high nutritional value.. In addition, the U.S. is the largest producer of milk and dairy products with large number of population among other North American countries.
Among the two product types of yogurt, i.e., set yogurt and frozen yogurt; the market for frozen yogurt is expected to grow at a high growth rate as compared to set yogurt. The growth is primarily attributed to the emergence of frozen yogurt as a dessert and its pro-biotic nature which is good for health.
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Private label brands are expected to acquire robust market share in North America in the next six years, due to its cost effectiveness. In the U.S., Chobani Inc held the maximum market share in 2013 followed by Groupe Danone S.A. and General Meals. The Ultima Foods Inc. held the maximum share in Canada followed by Groupe Danone S.A. and Parmalat Canada in 2013. In Mexico the yogurt market is leadby Groupe Danone S.A. followed by Sodiaal S.A.